Written by Miranda Hadamik

As businesses discard rigid rules and switch to agile approaches, the traditional definition of what an office space should be has changed. This paradigm shift in how businesses are handling their space calls for a change in work space strategies — and this change has arrived in the form of co-working spaces.

A co-working space is a collaborative effort aimed at bringing people together in a shared space to work in order to foster business relationships and boost overall productivity. Co-working spaces have increased by 24 percent in the United States since 2010.

For those looking for a place where you can give undivided attention to your work, here are five reasons why a co-working space is the answer.

1. Cut your expenses

Starting a business can be an expensive undertaking. A co-working space provides a comfortable, and well-established work space equipped with amenities, such as meeting rooms, coffee bar/kitchen and casual meeting and lounge areas that would otherwise require a large investment. Annual expenses associated with a coworking space are almost five times less than a regular office space.

2. Save valuable time

Time is money and each second not spent focused on your core business is costing you, and this includes the start-up effort to finding an office space. Building an office space requires months of lease negotiation, design and construction and, not to mention, shopping for Internet providers, scheduling servicers, buying and moving furniture and finding equipment and IT services. A coworking space provides you with a ready-made office space to help you save time and completely focus on growing your business.

3. Easily downsize or upgrade

Bound by exhausting long-term leases, the freedom to downsize or upgrade is limited in a conventional office space. Coworking spaces provide the perfect solution to the rapidly evolving needs of your business. Additionally, flexible membership options allow you to add more offices or reduce them according to your evolving requirements.

4. Work as a community

Working as a community allows individuals to share ideas, make connections and get discovered. Besides providing an office space, several coworking spaces commonly host networking events, seminars and workshops, which encourages community building allowing businesses to flourish.

5. Ease and accessibility

Coworking spaces provide a fully functional office space, and all you have to do is get a membership and start working. This is especially beneficial if the coworking space is in your neighborhood. Living close to your coworking space cuts down on driving time, allowing you to focus on your work, rather than navigating through busy freeways.

Coworking spaces offer a unique opportunity for people to work together in a community and serve as a flexible alternative to conventional office spaces. Whether you are a freelancer or business owner in any field, coworking initiatives, like The Work Well, are bound to change your work life for the better.